In January, Target announced it had bought the rights to 220 Zeller’s leaseholds in Canada for $1.82 billion.

Target said it now expects its Canadian start-up costs could run as high as $40 million to $50 million, or 16 cents to 20 cents per share this year, up from its previous forecast of 10 cents a share, Scovanner said.

“Both expected profits once we open in Canada and expected burden per share prior to opening is larger than we thought likely 90 days ago,” he said.

The company recorded $11 million in the quarter in direct start-up expenses as it began building a Canadian team to study the market and develop technology and supply chain solutions, according to The Toronto Star.

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